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Testimonials

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Sandro Rosell
FC Barcelona President
Wednesday, May 24, 2017

In 2015, Chetrit Partners and Somerset had announced plans to undergo a development project in the South Bronx between 2401 Third Avenue and 101 Lincoln Avenue. The mixed residential and commercial complex will contain 1,300 units on the Mott Haven waterfront. 

There will be seven buildings in total, each of which will be 25 stories tall. There has been a one year lag in the development of the area due to the Developers decision to change the plan to include only two towers that would cost between $300- $400 million. Chetrit and Somerset have since had a change of heart and have decided to revert to the original model, which will include 430 rentals, 164 of which will be studio apartments, 96 of which will be one bedrooms, 133 two-bedrooms, 416,446 square feet of residential space, a 175-car garage and 4,200 square feet of communal space. 

The development will contain a deck with an esplanade, a pet care room, lounge, a “quiet room”, gym, event room, bike storage and a pool. 

The development is only a small part of a picture that is becoming all too common phenomenon in the Mott Haven neighborhood in the Bronx. 

Ever since the renovation of Yankee stadium, the neighborhood has enjoyed an economic boom, inviting new developers to consider the area for their new projects. 

Co-founder of the non-profit South Bronx Unite has commented on the ongoing gentrification of the region.  “We want our quality of life increased first, before all the new development comes in. But it always happens as the opposite. We’re trying to reverse that dynamic and help lead the way for private development.” The introduction of new franchise business like the Home Depot and BJ’s has pushed out small business and has made rentals increase steadily since 2005 onward. 

Johnson estimated that there are currently 22 open development projects in the area that are “ready to build”. His non- profit has estimated that there will be 15,000 new residents in the borough In the next five years. 

In response to the changing landscape of the borough, South Bronx Unite lobbies and rallies the current community and encourages the development of affordable housing as means of offsetting the spike in rents. One of its ongoing projects includes the conversion of a 28,000-square foot vacant building in Mott Haven into a Haven for organizations, both faith based and secular leaning, who have been threatened by the rise in rent. 

By: Kim Sanchez